Accounting Pronouncements (Table Text Block)

9 Months Ended

Dec. 31, 2023

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Adoption Of New Accounting Pronouncement Adjustments To Select Tables

The following tables present the effect of the adoption of ASU 2018-12 on selected consolidated balance sheet data for the fiscal years ended March 31, 2023 and 2022.

	Year ended March 31,
	2023			2022
	(Unaudited)
	(In thousands)
Total Assets
Prior to adoption	$	18,124,648		$	17,299,581
Effect of adoption:
Derecognition of shadow DAC		(25,141	)		26,131
Re-measurement due to discount rate		—			—
Other adjustments		1,227			1,471
Subtotal	$	(23,914	)	$	27,602
After adoption	$	18,100,734		$	17,327,183

	Year ended March 31,
	2023			2022
	(Unaudited)
	(In thousands)
Total Liabilities
Prior to adoption	$	11,596,313		$	11,347,089
Effect of adoption:
Deferred income tax adjustment on Shadow removal		(5,280	)		5,488
Re-measurement due to discount rate		(1,626	)		87,258
Deferred income tax adjustment on discount rate		342			(18,324	)
Other adjustments		6,794			8,511
Subtotal	$	230		$	82,933
After adoption	$	11,596,543		$	11,430,022

	Year ended March 31,
	2023			2022
	(Unaudited)
	(In thousands)
Accumulated other comprehensive income (loss)
Prior to adoption	$	(267,046	)	$	46,384
Effect of adoption:
Derecognition on shadow DAC		(19,861	)		20,644
Re-measurement due to discount rate		1,626			(87,258	)
Re-measurement due to discount rate (tax effect)		(342	)		18,324
Other adjustments		—			—
Subtotal	$	(18,577	)	$	(48,290	)
After adoption	$	(285,623	)	$	(1,906	)

	Year ended March 31,
	2023			2022
	(Unaudited)
	(In thousands)
Total Stockholders' equity
Prior to adoption	$	6,528,335		$	5,952,492
Effect of adoption:
Derecognition on shadow DAC		(19,861	)		20,644
Re-measurement due to discount rate (tax effect)		1,284			(68,934	)
Other adjustments		(5,567	)		(7,042	)
Subtotal	$	(24,144	)	$	(55,332	)
After adoption	$	6,504,191		$	5,897,160

	Year ended March 31, 2023
	As previously reported			Adoption impact			As adjusted
	(Unaudited)
	(In thousands)
Deferred policy acquisition costs, net	$	152,377			(23,914	)	$	128,463
Total assets		18,124,648			(23,914	)		18,100,734
Policy benefits and losses, claims and loss expenses payable		875,034			5,168			880,202
Deferred income taxes, net		1,334,427			(4,938	)		1,329,489
Total liabilities		11,596,313			230			11,596,543
Accumulated other comprehensive loss		(267,046	)		(18,577	)		(285,623	)
Retained earnings		7,008,715			(5,567	)		7,003,148
Total stockholders' equity		6,528,335			(24,144	)		6,504,191
Total liabilities and stockholders' equity		18,124,648			(23,914	)		18,100,734

	April 1, 2021		March 31, 2021
	(Unaudited)
	(In thousands)
Deferred policy acquisition costs, net	$	131,187	$	89,749
Total assets		14,693,044		14,651,606
Policy benefits and losses, claims and loss expenses payable		1,040,951		909,701
Deferred income taxes, net		1,182,123		1,199,280
Total liabilities		9,846,608		9,732,515
Accumulated other comprehensive income		42,319		106,857
Retained earnings		5,017,451		5,025,568
Total stockholders' equity		4,846,436		4,919,091
Total liabilities and stockholders' equity		14,693,044		14,651,606

The following tables present the balances of and changes in deferred acquisition costs, future policy benefits and market risk benefits and balances amortized on a basis consistent with DAC on April 1, 2021 due to the adoption of ASU 2018-12 by Oxford.

Deferred Policy Acquisition Costs	Payout Annuities		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands)
Balance, end of year March 31, 2021	$	15,654	$	64,552	$	9,543	$	89,749
Adjustments for removal of related balances in accumulated other comprehensive income		41,438		—		—		41,438
Adjusted balance, beginning of year April 1, 2021	$	57,092	$	64,552	$	9,543	$	131,187

Future Policy Benefit	Payout Annuities		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands)
Balance, end of year March 31, 2021	$	8,370	$	310,311	$	18,341	$	337,022
Change in discount rate assumptions		2,307		115,978		4,847		123,132
Change in cash flow assumptions, effect of net premiums exceeding gross premiums		—		1,747		—		1,747
Change in cash flow assumptions, effect of decrease of the deferred profit liability		—		2,580		—		2,580
Adjusted balance, beginning of year April 1, 2021	$	10,677	$	430,616	$	23,188	$	464,481

Market Risk Benefits	Deferred Annuities
	(Unaudited)
	(In thousands)
Balance, end of year March 31, 2021	$	7,339
Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk		3,791
Adjusted balance, beginning of year April 1, 2021	$	11,130

The following table presents the effect of transition adjustments on stockholders' equity as of April 1, 2021 due to the adoption of ASU 2018-12.

	Retained Earnings			Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Liability for future policy benefits	$	(4,327	)	$	(123,132	)
Market risk benefits		(3,791	)		—
Deferred acquisition costs and related asset balances		—			41,438
Tax effect		—			17,156
Total	$	(8,118	)	$	(64,538	)